APLD on Nasdaq
Applied Digital Corp.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
HPC Hosting Business brought in 64% of the revenue Applied Digital Corp. broke down this way in fiscal 2026.
Business segments by year
| Business segments | 2024 | 2025 | 2026 |
|---|---|---|---|
| HPC Hosting Business | $0 | $0 | $270.6M |
| Data Center Hosting Business | $136.6M | $144.2M | $154.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Cost of revenue54¢$396.9M
- Selling, general and admin45¢$332.1M
- Income tax0¢$1.8M
Out of $611.3M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2026
- Kept or used elsewhere100¢$89.7M
Out of $89.7M of cash from operations.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2026-05-31 | 2025-05-31 | 2024-05-31 |
|---|---|---|---|
| Data center rental and other revenue | $114.7M | $0 | $0 |
| Total revenue | $611.3M | $228.6M | $165.6M |
| Services cost of revenue | $396.9M | $216.8M | $148.3M |
| Data center rental and other cost of revenue | $56.8M | $0 | $0 |
| Loss on abandonment of assets | $2.4M | $724.0K | $0 |
| Loss from legal settlement | $0 | $0 | $2.4M |
| Total costs and expenses | $847.8M | $300.7M | $263.9M |
| Segment profit | -$236.5M | -$72.2M | -$98.3M |
| Interest expense, net | $29.5M | $32.1M | $27.5M |
| Gain on change in fair value of derivatives | -$75.8M | $0 | $0 |
| Gain on change in fair value of investments | -$10.8M | $0 | $0 |
| Loss on conversion of debt | $0 | $33.6M | $0 |
| Loss on change in fair value of debt | $0 | $85.4M | $7.4M |
| Loss on change in fair value of related party debt | $0 | $0 | $8.1M |
| Loss on change in fair value of warrants | $2.2M | $6.4M | $0 |
| Net loss from continuing operations before income tax expenses | -$181.5M | -$231.0M | -$149.6M |
| Income tax expense | -$1.8M | -$102.0K | -$96.0K |
| Net loss from continuing operations | -$183.3M | -$231.1M | -$149.7M |
| Net loss from discontinued operations | -$1.0M | $0 | $0 |
| Net loss | -$184.3M | -$231.1M | -$149.7M |
| Net loss attributable to noncontrolling interest and redeemable noncontrolling interest | -$59.7M | $0 | -$397.0K |
| Preferred dividends | -$6.3M | -$2.6M | $0 |
| Net loss attributable to common stockholders | -$250.3M | -$233.7M | -$149.3M |
| Continuing operations | -$249.2M | -$233.7M | -$149.3M |
| Discontinued operations | -$1.0M | $0 | $0 |
| Continuing operations, basic (in dollars per share) | -$1 | -$1 | -$1 |
| Continuing operations, diluted (in dollars per share) | -$1 | -$1 | -$1 |
| Discontinued operations, basic (in dollars per share) | $0 | $0 | $0 |
| Discontinued operations, diluted (in dollars per share) | $0 | $0 | $0 |
| Basic net loss per share attributable to common stockholders (in dollars per share) | -$0.91 | -$1.16 | -$1.31 |
| Diluted net loss per share attributable to common stockholders (in dollars per share) | -$0.91 | -$1.16 | -$1.31 |
| Basic weighted average number of shares outstanding (in shares) | 275.2M shares | 201.2M shares | 114.1M shares |
| Diluted weighted average number of shares outstanding (in shares) | 275.2M shares | 201.2M shares | 114.1M shares |
| Selling, general and administrative | $332.1M | $107.9M | $97.8M |
| Loss on classification of held for sale | $59.6M | -$24.6M | $15.4M |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2026-05-31 | 2025-10-31 | 2025-09-30 |
|---|---|---|---|
| Cash and cash equivalents | $1.6B | ||
| Restricted cash | $2.4B | ||
| Accounts receivable | $56.3M | ||
| Current assets held for sale | $19.8M | ||
| Total current assets | $4.7B | ||
| Property and equipment, net | $4.2B | ||
| Operating lease right of use assets, net | $76.9M | ||
| Finance lease right of use assets, net | $122.5M | ||
| Other assets | $830.7M | ||
| TOTAL ASSETS | $9.9B | ||
| Accounts payable | $395.5M | ||
| Accrued liabilities | $548.5M | ||
| Current portion of operating lease liability | $18.5M | ||
| Current portion of finance lease liability | $47.6M | ||
| Current portion of debt | $16.4M | ||
| Customer deposits | $16.8M | ||
| Deferred revenue | $4.7M | ||
| Current liabilities held for sale | $7.4M | ||
| Due to customer | $10.1M | ||
| Other current liabilities | $97.5M | ||
| Total current liabilities | $1.2B | ||
| Long-term portion of operating lease liability | $47.2M | ||
| Long-term portion of finance lease liability | $10.7M | ||
| Long-term debt | $5.0B | ||
| Other long-term liabilities | $5.5M | ||
| Total liabilities | $6.2B | ||
| Redeemable noncontrolling interest | $2.0B | ||
| Common stock, $0.001 par value, 600,000,000 shares authorized, 295,048,903 shares issued and 287,883,603 shares outstanding at May 31, 2026, and 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 2025 | $296.0K | ||
| Treasury stock, 7,165,300 shares at May 31, 2026 and 9,291,199 shares at May 31, 2025, at cost | -$52.7M | ||
| Additional paid in capital | $2.4B | ||
| Accumulated deficit | -$662.3M | ||
| Total stockholders equity attributable to Applied Digital Corporation | $1.7B | ||
| Noncontrolling interest | $7.0M | ||
| Total stockholders' equity including noncontrolling interest | $1.7B | ||
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $9.9B | ||
| Common stock, par value (in dollars per share) | $0.00 | ||
| Common stock, shares authorized (in shares) | 600.0M shares | 600.0M shares | |
| Common stock, shares issued (in shares) | 295.0M shares | ||
| Common stock, shares outstanding (in shares) | 287.9M shares | ||
| Treasury stock (in shares) | 9.3M shares | 7.2M shares | 9.3M shares |
| Prepaid expenses and other current assets | $613.7M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2026-05-31 | 2025-05-31 | 2024-05-31 |
|---|---|---|---|
| Net loss | -$184.3M | -$231.1M | -$149.7M |
| Depreciation and amortization | $67.4M | $97.9M | $79.4M |
| Stock-based compensation | $220.1M | $22.7M | $17.4M |
| Lease expense | $10.1M | $31.7M | $13.9M |
| Gain on change in fair value of derivatives | -$75.8M | $0 | $0 |
| Gain on change in fair value of investments | -$10.8M | $0 | $0 |
| Loss on legal settlement | $0 | $0 | $2.4M |
| Amortization of debt issuance costs | $6.3M | $9.6M | $5.2M |
| Loss (gain) on classification of held for sale | $59.6M | -$24.6M | $15.4M |
| Loss on conversion of debt | $0 | $33.6M | $0 |
| Loss on change in fair value of debt | $0 | $85.4M | $7.4M |
| Loss on change in fair value of related party debt | $0 | $0 | $13.8M |
| Loss on change in fair value of warrants | $2.2M | $6.4M | $0 |
| Loss on abandonment of assets | $2.4M | $1.1M | $0 |
| Accounts receivable | -$49.3M | -$2.9M | -$3.8M |
| Prepaid expenses and other current assets | -$36.2M | -$8.3M | $899.0K |
| Other assets | -$51.5M | $3.0M | $327.0K |
| Accounts payable | -$1.2M | -$78.3M | $41.8M |
| Accrued liabilities | $106.2M | -$12.1M | $21.6M |
| Due to customer | $5.3M | -$8.2M | $13.0M |
| Lease assets and liabilities | $17.5M | -$7.5M | -$47.5M |
| CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES | $89.7M | -$115.4M | $13.8M |
| Purchases of property and equipment and other assets | -$2.9B | -$681.6M | -$141.8M |
| Proceeds from sale of investments | $5.0M | $0 | $0 |
| Proceeds from sale of assets | $0 | $25.0M | $19.9M |
| Finance lease prepayments | $0 | -$6.2M | -$50.1M |
| Loans to related parties | -$58.6M | $0 | $0 |
| Purchases of investments | -$17.0M | -$4.9M | -$391.0K |
| CASH FLOW USED IN INVESTING ACTIVITIES | -$2.9B | -$667.7M | -$172.4M |
| Repayment of finance leases | -$99.5M | -$125.1M | -$60.0M |
| Borrowings of long-term debt | $5.0B | $650.1M | $116.6M |
| Borrowings of related party debt | $0 | $0 | $28.0M |
| Repayment of long-term debt | -$521.5M | -$293.0M | -$21.7M |
| Repayment of related party debt | $0 | $0 | -$45.5M |
| Tax payments for restricted stock upon vesting | -$36.3M | -$4.1M | -$861.0K |
| Proceeds from issuance of common stock | $196.4M | $191.6M | $130.8M |
| Common stock issuance costs | -$6.0M | -$10.3M | -$284.0K |
| Proceeds from issuance of preferred stock | $815.0M | $198.2M | $0 |
| Preferred stock issuance costs | -$11.9M | -$13.8M | $0 |
| Redemption of preferred stock | -$1.2M | -$2.6M | $0 |
| Dividends issued on preferred stock | -$6.3M | $0 | $0 |
| Issuance of warrants, at fair value | -$8.2M | $0 | $0 |
| Exercise of warrants | $6.3M | $0 | $0 |
| Issuance of warrants by subsidiary | $4.5M | $0 | $0 |
| Proceeds from issuance of SAFE agreement included in long-term debt | $0 | $12.0M | $0 |
| Repurchase of shares | $0 | -$31.3M | $0 |
| Proceeds from convertible notes | $0 | $450.0M | $0 |
| Purchase of capped call options | $0 | -$51.8M | $0 |
| Purchase of prepaid forward contract | $0 | -$52.7M | $0 |
| Redeemable noncontrolling interest contributions | $1.8B | $0 | $0 |
| Redeemable noncontrolling interest issuance costs | -$62.9M | $0 | $0 |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | $6.9B | $874.7M | $146.8M |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | $4.0B | $91.6M | -$11.9M |
| Interest paid | $263.4M | $62.7M | $17.8M |
| Income taxes paid | $241.0K | $105.0K | $5.0K |
| Operating right-of-use assets obtained by lease obligation | $0 | $20.3M | $159.2M |
| Finance right-of-use assets obtained by lease obligation | $25.2M | $113.7M | $227.0M |
| Property and equipment in accounts payable and accrued liabilities | $556.4M | $246.5M | $85.0M |
| Extinguishment of non-controlling interest | $0 | $0 | $9.8M |
| Conversion of debt to common stock | $0 | $104.9M | $52.1M |
| Conversion of preferred stock to common stock | $875.2M | $48.4M | $0 |
| Consideration for guarantee of an affiliate's obligations | $2.0M | $0 | $0 |
| Loss on legal settlement | $0 | $0 | $2.4M |
| Issuance of warrants, at fair value | $104.7M | $136.3M | $5.7M |
| Cashless exercise of warrants | $1.0K | $5.0K | $0 |
| Non-cash dividends paid in-kind | $62.7M | $0 | $0 |
| Acquisition of ChronoScale | $18.1M | $0 | $0 |
Former names
Recent filings
- Oct 13, 2026144
- Oct 13, 20264
- Oct 7, 20268-K
- Oct 7, 202610-Q
- Oct 5, 20264
- Sep 25, 2026POSASR
- Sep 25, 2026DEF 14A
- Sep 25, 2026DEFA14A
- Sep 25, 2026ARS
- Sep 14, 20264
- Aug 6, 20264
- Aug 4, 2026144
- Aug 4, 20264
- Aug 4, 20264
- Aug 4, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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